Bitcoin falls further as China cracks down on crypto-currencies

  20 May 2021    Read: 310
Bitcoin falls further as China cracks down on crypto-currencies

The price of Bitcoin fell below $34,000 (£24,030) for the first time in three months on Wednesday, after China imposed fresh curbs on crypto-currencies, AzVision.az reports citing BBC.

Beijing banned banks and payment firms from providing services related to crypto-currency transactions.

It also warned investors against speculative crypto trading on Tuesday.

It follows falls in Bitcoin of more than 10% last week after Tesla said it would no longer accept the currency.

On Wednesday afternoon, the crypto-currency recovered some ground, although it was still down -10.4% at $38,131.

Meanwhile, other digital coins such as Ethereum and Dogecoin lost as much as 22% and 23% respectively.

At the same time, Tesla shares fell more than 3% on Wall Street, possibly because of the electric carmaker's exposure to Bitcoin.

The firm, owned by Elon Musk, still holds around $1.5bn worth of the crypto-currency.


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